Mumbai: Max India Ltd said on Tuesday that it will sell 9.4 percent stake to Goldman Sachs Capital Partners for a rupee equivalent of around $115 million on preferential basis.
Goldman Sachs Capital Partners is the private equity arm of Goldman Sachs.
Max India will issue Fully and Compulsorily Convertible Debentures (FCDs) of the face value of Rs 867 rupees to Goldman through its wholly owned subsidiary Xenok Ltd, Max India said in a regulatory statement.
The FCDs will carry a coupon rate of 12 percent per annum and will have to be converted to equity before 15 months from the date of allotment.
Max India has convened an extra-ordinary general meeting on January 22, 2010, to obtain shareholders' approval for the FCD and warrant.
The issuance would be at 46.77 rupees per US dollar, it said.
The company also said it will issue 2 million warrants to promoter Analjit Singh for 1.73 billion rupees.
Max India is a diversified firm with interests in healthcare, information technology and financial services.
Bureau Report
First Published: Tuesday, December 29, 2009, 12:14